Bitcoin confirmed the level of 51,697.58 as resistance (green horizontal dotted line) after it worked well out of the descending channel last week. But the main cryptocurrency failed to take this border. After a technical consolidation, the price dropped.

Now BTCUSD has a prospect to continue moving sideways. The boundaries of the corridor will be the resistance of 51,697.58 (upper green dotted line) and the support of 46,934.61, which resisted during the decline of the past two weeks. Technically, the price is halfway to this border, there is still a margin for reduction.

The second scenario is consolidation in a narrower range if the decline stops near the current values. A local mirror level is visible in the area of $49,000 per coin. Let's keep that in mind so as not to strip the chart.

Consolidation is a speed bump in a bull market

The current sideways trend is boring at times, but globally, crypto traders are no stranger to such a picture. During this year, we have seen such sideways more than once.

Meanwhile, seasoned trader and analyst Tone Vays believes that the current consolidation is just noise followed by a breakout. It is logical.

He stressed in his strategy session that the main cryptocurrency remains optimistic after recovering from the crash in May.

"This is just a speed bump in the bull market. We had a 50% speed bump right there (May 2021)... And now, we just had about a 38% speed bump," Vays' statement in the current market situation.

Vays predicted that Bitcoin would need to overcome resistance near $60,000 to trigger a massive rally above $100,000. And locally, he claims that if the next candle breaks $51,750, he would re-invest in the market.

So where can you buy Bitcoin?

As you can see, the level marked by Vays almost coincides with our resistance at 51,697.58 (upper green dotted line). And so far, not only has it not been broken, but the price has bounced down from it.

Given the current technical picture, a good entry point can be formed upon reaching support at 46,934.61 and turning upwards from it. Here you can buy with a target at the upper border of the sideways trend.

The second scenario is to buy on consolidation above 51,697.58, when it occurs. But here the power reserve to the next strong level of 53,643.90 is locally small. Although for a short-term transaction, this is not a big deal.

I would speak about a breakout only after Bitcoin consolidates above the level of 53,643.90. Then you can expect $60,000 per coin.